Non-Life Insurers Report Strong Gross Direct Premium Income Growth In March: ICICI Securities
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ICICI Securities Report
Gross domestic premium income for non-life insurers grew 23% / 5.2% YoY in March 2021/FY21, of which, private players’ GDPI grew 32% / 8% YoY and that of their public sector undertaking counterparts grew 14% / 1.6% YoY, respectively.
We observe the following trends in non-life insurance premium -
1. Strong FY21 growth in health premiums (March -2021 remained strong for standalone health insurance),
2. rising Covid-19 related claims; however, they remain at manageable levels (claims worth $2 billion till March 31, 2021 have been received by insurance companies of which $1 billion has been settled); and
3. auto registrations are gradually improving.
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